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Parsvnath Developers elevates MC Jain as group CFO

Delhi-based realty firm Parsvnath Developers Ltd has elevated MC Jain as group chief financial officer (CFO, corporate) with immediate effect, as per a stock market disclosure. Jain has worked as senior vice-president (corporate) till now and takes the baton from RN Maloo.

Maloo, who was working as Group CFO at Parsvnath, has resigned to join lighting products maker Surya Roshni Ltd as executive director and Group CFO with effect from December 30, 2013. He replaced Deepak Goyal who joined the firm in October 2012.

Maloo, a chartered accountant, has also worked with RSWM Ltd (LNJ Bhilwara group company) as CFO in the past.

The movement at the top management comes at a time when the North-based listed realtor is looking to list its retail assets largely housing the properties within Delhi Metro stations through a real estate investment trust (REIT).

Parsvnath has nine metro malls which are located in Azadpur, Akshardham, Inderlok, Kashmere Gate, Pratapnagar, Seelampur, Tees Hazari, Welcome and Netaji Subhash Place stations.

It has also been active in scooping PE money. In August this year, Parsvnath had raised Rs 80 crore from a private equity fund for a residential project in Gurgaon. Parsvnath had received close to Rs 110 crore from Kotak Realty last year for its Sohna Road project in Gurgaon.

(Edited by Joby Puthuparampil Johnson)

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